SEATTLE, WA – Brian Bonipart, Vice President of Newmark Realty Capital, Inc., has arranged construction financing in the amount of $44,276,000 for 624 Yale Apartments located in the South Lake Union area of Seattle. Specific terms of the loan were not disclosed.
The property is a to-be-built nine story, 206 unit, class-A apartment building with a completion date of November 2017. The street level of the project contains one retail tenant space with a net leasable area of 3,090 square feet. By being centrally located, this neighborhood has convenient access to the financial center, Lake Union, the Puget Sound Central Waterfront, and the Central Business District retail core. This area of Seattle has dramatically transformed over the past ten years, and it is one of the most active redevelopment areas in Seattle.
About Newmark Realty Capital, Inc.
Newmark Realty Capital, Inc. is a full service mortgage banking firm with an impressive lineup of correspondent lenders utilizing Newmark’s production, closing and servicing capabilities. Established in 1991, Newmark is currently staffed by over 60 employees in regional offices throughout the western United States. The company services approximately $9 billion representing over 1,100 loans. Newmark is rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking/non-insurance chartered companies with this designation. In 2015, Newmark arranged more than $2.3 Billion in loans for its clients.